Chinaaa RMB project making steady progress

As China steps up efforts to graduate to a leading role in global currency markets, India faces a choice between aligning with the Western-dominated financial system and the Chinese one

Through various columns in this paper, I have followed developments in the internationalisation of the Chinese currency, the Renminbi (RMB). An update on the subject may be of interest since there have been several significant developments in the recent past, most importantly, the Ukraine War, the sweeping and unprecedented American sanctions against Russia and the resulting turmoil in the global energy markets.